Over just a few days, the value of cryptocurrencies went down by two-digit percentage, yet analysts believe the decline will not be long-lasting. In September, bitcoin and other cryptocurrencies have been losing their value. The first week of the month saw bitcoin losing 16% (down to $10K) while Ethereum lost 28% of its value (down to $340).
According to Victor Pershikov, chief analyst at 8848 Invest, depreciation of the digital currencies is due to their growth correction. Between March and September, bitcoin gained 200% in its value yet the growth like that can not be persistent. Ethereum, over the same period, gained 400%. Bitcoin will go down to $9,700, the expert believes. After that, it will be the right time to start buying it as it will then resume its growth.
Analyst Victor Agronov of EXANTE also believes bitcoin will grow. In the immediate future its decline will slow down as miners will start selling their coins, therefore one may think of investing in bitcoins.
Anton Kravchenko, CEO at Xena Financial Systems, is certain bitcoin will not drop below $8K yet it may hit $14K fairly soon, hence, in his view, while bitcoin is below $10K, it’s worth buying.